Thursday, August 7, 2014

According to the Bangkok
Post, the BRICS nation’s leaders introduced their international financial institutions
made to rival the World Bank and the International Monetary Fund.

The
New Development Bank and $100 billion Contingent Reserve Arrangement are
equally backed by each nation—Brazil,
Russia, India, China,
and South Africa—regardless
of size, population, or GDP. Together these countries represent 40 percent of
the world population and a fifth of the global economy.

The Thailand company
lawyers at Chaninat & Leeds have decades of experience in business
litigation to help companies throughout Thailand achieve a variety of
business obligations and needs.

The bank, which will be headquartered in Shanghai, will help emerging and developing
nations mobilize resources for infrastructure and sustainable development
projects, according to the BRICS statement.

The need for these new international financial institutions
rose from a need to “increase the representations and voice of developing
countries," said Chinese President Xi Jinping, reports the Bangkok Post.